Estimated reading time: 3 minutes
The Region of Niagara is comprised of twelve municipalities in Southern Ontario. Each municipality represents a unique combination of agricultural, commercial, industrial, multi-residential and hospitality opportunities. Over the next few months we will be presenting a market snapshot of significant areas within the Niagara Region.
Today we will be examining the City of Niagara Falls, located between Lake Ontario and Lake Erie, bordering Niagara Falls, New York. Niagara Falls is ideally situated, providing easy access to the major urban markets in Canada and the United States.
A successful economic foundation
In order to take a market snapshot of Niagara Falls, we need to examine the economic foundation of the city. Niagara Falls’ economic foundation is comprised of tourism, manufacturing, and commercial retail. The city has desirable industrial and commercial real estate available with strong strategic value. The city is ideally located between the United States and Canada’s major market, the Greater Toronto Area, with multi-modal transportation available. Niagara Falls businesses have the opportunity to serve 56% of the industrial North American market.
Population growth driving residential development
According to the 2011 census, the City of Niagara Falls has a population of 82,997. The city's population is expected to rise at a consistent pace over the next 15 to 20 years, which will continue to drive the housing market both in terms of resales and new home starts. Niagara Falls has a significant amount of land within the urban boundary, thus new housing is expected to be a continued economic driver in the local market. Additional housing fuels the retail and commercial sectors, with additional services required.
A strong commercial sector
The focus of commercial development in the City of Niagara Falls has been within the tourist sector over the past 10 years. Although more development within this sector is planned, a larger focus appears to be in the retail sector with numerous new large format developments proposed or currently underway. Niagara Falls has seen a significant increase in commercial land values in the past 10 years, which is primarily the result of the increase in demand for larger parcels that would permit the large format developments.
Significant developments
There have been several significant developments in both the residential and commercial real estate market in Niagara Falls. The residential developments will have a positive effect on the commercial viability of the city. Learn more about significant developments in Niagara Falls in 2014:
Investment facts
- Able to draw from a labour force of more than 400,000 people
- More than 12 million peple visit the City of Niagara Falls each year, resulting in commercial and retail industry leaders investing in development within the city
- Products manufactured in Niagara Falls can reach more than 150 million consumers in less than a day
Connecting with an appraiser to determine the value
Looking for financing on a property in Niagara Falls or looking to invest in the area? Connect with Niagara real estate appraiser, Owen Hughes, today to discover the value of your property in the Niagara Region.
